East Coast Lifestyle grows through the cloud

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Transfer pricing
Transfer pricing is a complex area of corporate taxation that is concerned with the intra-group pricing of goods, services, intangibles, and financial instruments. Transfer pricing has become a critical governance issue for companies, tax authorities and policy makers, and represents a principal risk area for multinationals.
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Like many private business owners today, you’ve spent your career building and running your business successfully. Now you’re faced with deciding on a successor—a successor who may or may not want your direct involvement and share your vision.
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The financial and tax reporting obligations of public markets and global tax authorities take significant resources and investment to manage. This requires calculating global tax provision estimates under US GAAP, IFRS, and other frameworks, and reconciling this reporting with tax compliance obligations.

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Tax alert T3 Schedule 15: Does your trust have additional reporting requirements?

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7 min read | 18 Nov 2024

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Transactions
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Creditor updates
Updates for creditors, limited partners, investors and shareholders.

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Tax Alert Flipping a house? Your gain could be fully taxable under this new rule

The federal government has released draft legislation for the new residential property flipping rule introduced in Budget 2022. Read more in our summary.

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Risk

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Governance, risk and compliance
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Internal audit
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Cloud Accounting

By automating standard administrative and accounting work, cloud accounting with Doane Grant Thornton can free up your time to concentrate on more important...

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Indigenous Services

Legacy is not only about honouring the past—it’s also about looking forward and continuing to build upon those values, traditions, and achievements to create...

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Industries

Agriculture

Farming is a lifestyle and a legacy. It’s the heartbeat of your family and the backbone of our communities. Success grows from hard work, patience and...

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The Canadian Accounting Standards Board (AcSB) has released new guidance on recognizing, measuring and disclosing biological assets and the harvested products of bio assets.

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The Agricultural Clean Technology Program will provide financial assistance to farmers and agri-businesses to help them reduce greenhouse gas (GHG) emissions.

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Tax alert ACT Program – Research and Innovation Stream explained
The ACT Research and Innovation Stream provides financial support to organizations engaged in pre-market innovation.

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Tax alert ACT Program – Adoption Stream explained
The ACT Adoption Stream provides non-repayable funding to help farmers and agri-business with the purchase and installation of clean technologies.

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Cannabis

Whatever your goal, the experts at Grant Thornton are ready to work with you to map out a plan for success. As members of the Global Cannabis Partnership...

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Charities & not-for-profit

Here’s to the change-makers, the believers and the community-builders. Charities and not-for-profit organizations truly stand apart from the crowd. In today’s...

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Real Estate And Construction

In the world of real estate and construction, timing is everything. From acquisition to exit—and every point in between—you need high-quality information and...

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Builders And Developers
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Rental Property Owners And Occupiers
In today’s economic climate, it’s more important than ever to have a strong advisory partner on your side.
Real Estate Service Providers
Your company plays a key role in the success of landlords, investors and owners, but who is doing the same for you?

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Looking back, the theme for 2023 in the real estate industry was one of caution as investors and real estate owners braced for the effects of rising interest and inflation rates to stabilize.

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Energy and natural resources

It’s not business as usual within the energy and natural resources sectors. Change has become constant and disruptive, in part a result of consolidation and...

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Mining
There’s no business quite like mining. It’s volatile, risky and complex – but the potential pay-off is huge. You’re not afraid of a challenge: the key is finding the right balance between risk and reward. Whether you’re a junior prospector, a senior producer, or somewhere in between, we’ll work with you to explore, discover and extract value at every stage of the mining process.
Oil & gas
The oil and gas industry is facing many complex challenges, beyond the price of oil. These include environmental issues, access to markets, growing competition from alternative energy sources and international markets, and a rapidly changing regulatory landscape, to name but a few.

Financial Services

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Manufacturing & distribution

Canadian manufacturers seeking to grow their businesses must address common issues, including limited access to finance, high raw material costs, inflexible...

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Private equity

To acquire high-quality assets in today’s unprecedented competitive global market, private equity firms and their portfolio companies must be increasingly...

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Professional services

Professional services firms face a dual challenge: anticipating and managing change not only for your clients, but also for your business. In today’s...

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Public companies

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Private business

Your hard work has taken your business where it is today. Having a clear vision, a strong team and a solid plan are all key to your continued success....

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Public sector

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Power & Utilities

At Grant Thornton, we have the real-world experience and knowledge that can help you in considering all of your strategic alternatives. Whether it be managing...

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The challenge

East Coast Lifestyle is more than a clothing company—they’ve become one of the most recognizable brands in Canada in just a few short years, seen on the backs of Ed Sheeran and Sidney Crosby. Our client since 2019, they forged their humble start from the trunk of founder Alex McLean’s car and have since expanded their product line to include beverages and potato chips. Before skyrocketing levels of growth and fame, the company was faced with disjointed bookkeeping systems and practices that were costing them valuable time and money. They needed efficient, transparent bookkeeping support to capture accurate numbers, create actionable data, and offer a clear view of their finances in order to make better decisions about the business’ growth and expansion. Enter cloud accounting—an innovative solution we combined with traditional services, including tax and financial reporting.

How we helped

Filled the gap left by the internal bookkeeper—thus solving a pressing labour challenge

Optimized their cloud accounting capabilities, including paperless receipt tracking, dashboard overviews of their income and expenses, one-click reporting on their profits and losses, and efficient month- and year-end reporting processes.

Supported the implementation of an automated payroll system.

Helped drive our client’s growth by ensuring that their accounting and e-commerce functions worked together to ensure accurate reporting.

Became the founder’s trusted advisor by giving him the peace of mind to focus on growth and business operations.

Our team’s collaborative mindset met our client’s complex business needs with end-to-end services. Alex came to us with a cloud accounting solution already in place, but it was administered by a former internal bookkeeper who wasn’t optimizing its capabilities or able to seamlessly integrate it into their technology stack, which included an e-commerce platform for his growing online store. We filled the gap left by the internal bookkeeper—thus solving a pressing labour challenge—by updating the company’s records and optimizing its cloud accounting capabilities, including paperless receipt tracking, dashboard overviews of their income and expenses, one-click, timely financial reporting on their profits and losses, and efficient month- and year-end reporting processes to assist with the routine tasks that come with a growing business. We created further value by supporting the implementation of an automated payroll system. Most notably, we helped drive growth by ensuring that their accounting and e-commerce functions worked together for accurate reporting.

The impact

The future is bright for East Coast Lifestyle, with limitless possibilities for this young company. Now with 3 storefronts, over 30 employees, products in over 100 locations across the country, and a booming e-commerce operation, our client has an optimized technology stack, accurate data, an efficient team, and complete visibility over his company’s finances. We continue to support East Coast Lifestyle’s growth and Alex now has the confidence, peace of mind, and time to focus on what matters—transforming his company into a Canadian icon.

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East Coast Lifestyle grows through the cloud

How we helped

The impact

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East Coast Lifestyle grows through the cloud

The challenge

How we helped

The impact

What's your story?

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